# PDD Holdings Inc.: Form 20-F for the period ended Dec 31, 2025

- Company: [PDD Holdings Inc.](/companies/pdd.md) (CIK 1737806)
- Form: 20-F
- Filed: 2026-04-29
- Accepted by EDGAR: Apr 29, 2026, 06:15 ET
- Period: 2025-12-31
- Accession: 0001104659-26-050727
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/pdd-20251231x20f.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-12-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 12 months, 2025-01-01 to 2025-12-31 | $61.75bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 12 months, 2025-01-01 to 2025-12-31 | $27.00bn | us-gaap:CostOfRevenue |
| Research and development | 12 months, 2025-01-01 to 2025-12-31 | $2.36bn | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 12 months, 2025-01-01 to 2025-12-31 | $13.31bn | us-gaap:OperatingIncomeLoss |
| Income tax | 12 months, 2025-01-01 to 2025-12-31 | $3.11bn | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 12 months, 2025-01-01 to 2025-12-31 | $13.99bn | us-gaap:NetIncomeLoss |
| Diluted EPS | 12 months, 2025-01-01 to 2025-12-31 | $2.36 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 12 months, 2025-01-01 to 2025-12-31 | $2.50 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 12 months, 2025-01-01 to 2025-12-31 | 5,929,576,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 12 months, 2025-01-01 to 2025-12-31 | $15.29bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Cash and equivalents | at 2025-12-31 | $15.57bn | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-12-31 | $74.21bn | us-gaap:AssetsCurrent |
| Total assets | at 2025-12-31 | $90.10bn | us-gaap:Assets |
| Current liabilities | at 2025-12-31 | $30.56bn | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-12-31 | $30.98bn | us-gaap:Liabilities |
| Shareholders' equity | at 2025-12-31 | $59.11bn | us-gaap:StockholdersEquity |

## Sections

Sections are extracted only from 10-K and 10-Q reports. Read this filing’s documents on sec.gov. https://www.sec.gov/Archives/edgar/data/1737806/000110465926050727/pdd-20251231x20f.htm

Filed Apr 29, 2026.
Source: SEC EDGAR, the filing index for accession 0001104659-26-050727. Last ingested by Listed: Oct 24, 2026, 15:15 ET. No prices; not investment advice.